That's Fairfax, not Fairfax India. Both FFH and FIH published FY 2016 results on Feb 16 last year, which was a Friday. Perhaps they posted them after market close on Thursday, and will do the same this year.

The company has had excellent performance during the period from the closing of its initial public offering in January 2015 to December 31, 2017. As a result of that excellent performance, the company's book value per share of $14.46 at December 31, 2017 represented a compound annual growth rate during that period of 13.5% (15.5% prior to the performance fee described below) from the initial public offering price of $10.00 per share, outperforming the compound annual growth rate of the S&P USD BSE Sensex index of 5.9% during the same period.

Not bad!, then:

Quote

In accordance with the Investment Advisory Agreement, which provides for the payment of a performance fee of 20% of the increase in book value per share in excess of a hurdle rate of 5% per annum, a performance fee of $114.4 million was earned by Fairfax Financial Holdings for the period from January 30, 2015 (the closing date of the company's initial public offering) to December 31, 2017. The performance fee will be paid during the first quarter of 2018 by the issuance of subordinate voting shares valued at $14.93 per share (the weighted average share trading price over the last 10 trading days in 2017).

Heh, lucky for their performance fee there was a selloff at the end of 2017

IIFL demerger and CSB purchase may be precursor to merging both businesses.

Based on conference call discussion of IIFL demerger, regulatory approval was cited as one of the reason. Looking failed merger of IDFC Bank, IDFC and Shriram group, it is likely that merger failed partly due to conflicting and onerous restrictions of RBI about bank ownership. Simplified structure of the IIFL will be easier to merge lending focused NBFC and a bank.

CSB acquisition failed initially due to price difference. Getting listed via merger with IIFL NBFC would be good way to exit for financial owner of CSB who got involved with the bank during last couple of years and who balked at initial deal last year.

High P/B ratio of IIFL will be good currency for IIFL owners to get converted into bank and possibly build good banking business in the long run. IIFL did apply for banking license in 2013 but failed to get it. It again applied for Small Finance Bank License in 2015.